Stock deals move Antigenics, Human Genome

ValBrickates Kennedy

BOSTON (MarketWatch) -- Drug stocks were mixed in afternoon trading Tuesday as shares of Antigenics Inc. and Human Genome Sciences moved in opposite directions on their respective stock deals.

The NYSE Arca Pharmaceutical Index
$DRG
was down marginally at 280.58, while the NYSE Biotechnology Index
$BTK
rose 2% to 894.09. The Dow Jones Industrial Average (DJII) hovered above the flat line at 9,301.

The biotech group said it has agreed to sell about 4.4 million common shares at $2.28 a share, in a transaction worth around $10 million.

The placement also includes six-month warrants for the additional purchase of up to about 2.2 million shares, at $2.31 a share, and four-year warrants for up to 2 million shares at $2.50 a share. The warrants aren't exercisable until six months after the deal's close.

Shares of Human Genome
HGSI
climbed 7% to $15.30. The biotech firm said Monday that it has closed on a public offering of about 27 million newly issued shares at a price of $14.00 a share. The deal should garner the company $356.7 million.

Early Tuesday, analysts at ThinkEquity reportedly raised their rating of Human Genome's stock to buy from accumulate.

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